Free Post Earnings Research Report: Express' Revenue Grew 1%; Turned Profitable Y-O-Y

Stock Monitor: Tilly's Post Earnings Reporting

LONDON, UK / ACCESSWIRE / June 28, 2018 / If you want access to our free earnings report on Express, Inc. (NYSE: EXPR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EXPR. Express reported its first quarter fiscal 2018 operating and financial results on May 30, 2018. The apparel and accessories retailer outperformed top- and bottom-line expectations. Additionally, the Company provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Express most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the first quarter 2018, Express' net sales increased 1% to $479.4 million from $474.2 million in Q1 2017. The Company's reported numbers beat analysts' estimates of $460.0 million.

During Q1 2018, Express' comparable sales (including ecommerce sales) rose 1%, compared to a 10% decrease in Q1 2017. The Company's ecommerce sales increased 35% to $132.6 million on a y-o-y basis. On a comparable sales basis, ecommerce sales increased 33%.

For Q1 2018, Express' gross margin improved 200 basis points (bps) to 29.9% of net sales compared to 27.9% in Q1 2017. The improvement was driven by a 90-bps increase in merchandise margin and a 110-bps decline in buying and occupancy costs as a percentage of net sales.

Express' selling, general, and administrative (SG&A) expenses were $140.6 million in Q1 2018 versus $132.3 million in Q1 2017. As a percentage of net sales, the Company's SG&A expenses increased by 140 bps y-o-y to 29.3%.

During Q1 2018, Express' operating income was $2.8 million compared to an operating loss of $6.7 million in Q1 2017. The Company's operating loss in the year earlier comparable quarter included a $6.3 million impact related to the exit of Canada.

For Q1 2018, Express' income tax expense was $2.1 million, at an effective tax rate of 80.1%, compared to an income tax benefit of $4.8 million, at an effective tax rate of 64.5% in Q1 2017.

During Q1 2018, Express' net income was $0.5 million, or $0.01 per diluted share, compared to a net loss of $2.7 million, or $0.03 per diluted share, in Q1 2017 On an adjusted basis, the Company's net loss in the prior year's same quarter was $3.7 million, or $0.05 per diluted share. Express' reported numbers came in ahead of Wall Street's estimates for a loss of $0.02 per share.

Balance Sheet Highlights:

As of May 05, 2018, Express' cash and cash equivalents totaled $184.5 million versus $191.0 million at the end of Q1 2017.The Company's reported quarter capital expenditures totaled $7.9 million compared to $14.6 million for the prior year's corresponding quarter. For Q1 2018, Express' inventory was $277.5 million compared to $280.2 million at the end of the prior year's first quarter.

On November 28, 2017, Express' Board of Directors approved a new share repurchase program that authorized the Company to repurchase up to $150 million of Express' outstanding common stock using available cash.

Under this program, Express repurchased 2.1 million common shares for $17.3 million during Q4 2017 and 2.2 million common shares for $15.6 million during Q1 2018. Subsequent to the end of the reported quarter, the Company has repurchased an additional 0.7 million shares for approximately $5 million and currently has approximately $112 million remaining under its authorization.

Outlook

For the second quarter of 2018, Express is forecasting comparable sales in the range of negative 1% to plus 1%. The Company is expecting net income in the range of a loss of $1.5 million to a profit of $1.5 million, and earnings in the band of a negative $0.02 to a positive $0.02 per share.

For the full year fiscal 2018, Express is projecting comparable sales in the range of negative 1% to a positive 1%. The Company is expecting net income to be in the band of $28 million to $35 million, or $0.37 to $0.47 per diluted share.

Stock Performance Snapshot

June 27, 2018 - At Wednesday's closing bell, Express' stock dropped 4.58%, ending the trading session at $9.79.

Volume traded for the day: 1.21 million shares.

Stock performance in the last month - up 10.75%; previous three-month period - up 35.41%; and past twelve-month period - up 47.22%

After yesterday's close, Express' market cap was at $728.38 million.

Price to Earnings (P/E) ratio was at 36.53.

The stock is part of the Services sector, categorized under the Apparel Stores industry.

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